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Boost Insurance Launches First Insurtech Program with Paladin Cyber, Takes Next Step to Reshape Insurance Industry

PR Newswire

NEW YORK, Sept. 25, 2018 /PRNewswire/ -- Boost Insurance ("Boost") today announced it has launched Paladin Cyber as its first insurtech partner. Launching Paladin's admitted, multi-state SMB cyber program in only four and a half months, Boost's platform enabled Paladin to get to market in a fraction of the time versus the industry average of 18 to 24 months.

Boost's key mission is to provide an efficient pathway for insurtech startups and other digital platforms to create innovative insurance programs. One of the key tenets of Boost's thesis is that insurance is best sold at the most natural point-of-sale, often offered alongside a complementary product or service like Paladin's cutting-edge SMB cyber protection software.

"Paladin Cyber not only helps protect businesses against devastating hacks but makes sure that they're financially secure if something does get through," said Boost CEO and founder Alex Maffeo. "This innovative approach offers enormous value to SMBs and aligns perfectly with Boost's thesis; it's a sign of a greater change in insurance distribution. Companies and customers alike need a one-stop-shop for both valuable products and the necessary insurance coverage to go with it. That's where Boost comes in."

Boost is powering the future of insurance with its forward thinking, digital approach to Insurance-as-a-Service. The modular, API-driven insurtech platform provides startups with a way to avoid the complex, archaic, and slow processes that can bog them down with incumbents. The combination of Boost's modern technology and its end-to-end insurance infrastructure significantly reduces the go-to-market time and pain for new insurance programs and make Boost the ideal partner for the next generation of distribution.

"Boost has been an excellent partner for us on the development of this admitted insurance policy," said Han Wang, CEO and co-founder, Paladin Cyber. "They delivered the insurance resources we need along with a one-of-a-kind technology platform, allowing us to perform an insurance launch at start-up speeds."

Over the next few months, Boost will be launching several new programs. Products will include both personal and commercial P&C lines, developed bespoke for both insurtech startups and other high-profile tech brands acting as Boost's distribution partners. For more information, visit www.boostinsurance.io.

About Boost Insurance

Boost Insurance USA, Inc. ("Boost") is an independent, technology-enabled insurance platform built to enable emerging insurtech startups that take an innovative approach to insurance products, distribution, data analytics, underwriting, and claims. The Boost team is comprised of a well-rounded group of venture capital, insurance, and technology professionals which enables it to identify, vet, and support best-in-class insurtech startups with a high degree of precision. Boost helps steer entrepreneurs through the complex landscape that is insurance enterprise formation and facilitates go-to-market acceleration of new P&C insurance programs through its 50-state licensed subsidiary Boost Insurance Agency, Inc. and dedicated reinsurance facility.